§11-13O-4. Amount of credit allowed; expiration of the credit.
(a) Credit allowable. -- The amount of annual credit allowable
under this article to an eligible taxpayer shall be two hundred
fifty dollars for each new job at a new value-added aluminum or
polymer product manufacturing facility located in this state, or
at a new value-added aluminum or polymer product line of an
existing manufacturing facility located in this state, that is
filled by a full-time employee of the eligible taxpayer during the
taxable year, subject to the following:

(1) When the new value-added aluminum or polymer product
manufacturing facility, or the new aluminum or polymer product
line of an existing value-added aluminum or polymer product
manufacturing facility, is in operation for less than twelve months
of the taxable year in which it is placed in service, the credit
allowed by subsection (a) of this section shall be prorated by the
ratio that the number of months in the taxpayer's taxable year
during which the new value-added aluminum or polymer product
facility, or the new products line of an existing value-added
aluminum or polymer product manufacturing facility, was in service
bears to twelve;

(2) When the eligible taxpayer stops manufacturing
value-added aluminum or polymer products at the new value-added
aluminum product manufacturing facility, or at the new aluminum or
polymer product line of an existing value-added aluminum or polymer
product manufacturing facility, during the taxable year, the credit allowed by subsection (a) of this section shall be prorated by the
ratio that the number of months in the taxpayer's taxable year
during which the new value-added aluminum or polymer product
facility, or the new products line of an existing value-added
aluminum or polymer product manufacturing facility, was in
operation manufacturing value-added aluminum or polymer products
bears to twelve;

(3) When determining the number of full-time employees who
fill new jobs at the new value-added aluminum or polymer product
manufacturing facility located in this state, or who fill new jobs
at a new value-added aluminum or polymer product line of an
existing manufacturing facility located in this state, the eligible
taxpayer shall not include any position occupied by any employee of
the eligible taxpayer, or of a related person, which existed in
this state as of the first day of the second calendar month
preceding the calendar month in which the new value-added aluminum
or polymer product manufacturing facility, or a new value-added
aluminum or polymer product line at an existing value-added
aluminum or polymer products manufacturing facility first becomes
operational, whether such positions are filled by permanent,
seasonal, temporary or part-time employees;

(4) The amount of credit allowable each taxable year shall be
calculated annually based upon the number of new jobs filled by
full-time employees during the taxable year: Provided, That the
credit provided for in this article may only be taken one time for each new job created, and once claimed in a tax year for a new job
the credit may not be claimed in a subsequent year for that
position.

(b) Expiration of credit. -- This credit shall expire on the
first day of July, two thousand two. When the first day of July in
the year two thousand two falls during the taxable year of the
eligible taxpayer, the amount of credit allowable for that taxable
year shall be limited to that portion of the amount of credit that
would have been allowable had the credit not expired multiplied by
the ratio the number of months during taxpayers taxable year ending
before the first day of July, two thousand two, bears to twelve.